Summary of Compensation Arrangement for James R. Mellor as Chairman of USEC Inc. Board

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Summary

USEC Inc. has approved an annual chairman's fee of $100,000 for James R. Mellor, effective February 1, 2007, for his role as Chairman of the Board. This fee is in addition to standard compensation for non-employee directors. Mr. Mellor can choose to receive this fee and other director fees in restricted stock units instead of cash, and if he does, he will receive an additional 20% in restricted stock units as an incentive. These units vest after three years, or sooner if Mr. Mellor retires, becomes disabled, dies, or if there is a change in control. The previous compensation arrangement ended on February 1, 2007.

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EX-10.61 6 w30578exv10w61.htm EX-10.61 exv10w61  

EXHIBIT 10.61
SUMMARY OF COMPENSATION ARRANGEMENT
FOR JAMES R. MELLOR
Effective February 1, 2007, the Compensation Committee of the Board of Directors of USEC Inc. (“USEC” or the “Company”) approved the payment of an annual chairman’s fee of $100,000 to James R. Mellor in connection with his duties as Chairman of the Board. This is in addition to the annual compensation and meeting fees payable to all USEC non-employee directors.
At Mr. Mellor’s election, this fee (along with other director fees that Mr. Mellor is entitled to receive in cash) may be paid in restricted stock units in lieu of cash and Mr. Mellor would receive an incentive payment of restricted stock units equal to 20% of the portion of the fee that Mr. Mellor elects to take in restricted stock units in lieu of cash. These incentive restricted stock units will vest on the first to occur of: (1) three years from the date of grant, (2) termination of the director’s service by reason of Retirement, death or disability, or (3) a change in control.
The prior arrangement with Mr. Mellor described in the letter agreement dated December 1, 2005 by and between USEC Inc. and James R. Mellor, filed as Exhibit 10.91 to the Company’s current report on Form 8-K filed on December 6, 2005, ended effective February 1, 2007.